AuRico Reports Record Earnings for Q3 2011
/PRNewswire/ --Growing a Leading Intermediate Gold Producer
AuRico Gold Inc. (TSX: AUQ) (NYSE: AUQ), ("AuRico") is pleased to report financial results for the third quarter ended September 30, 2011. All amounts are in U.S. dollars unless otherwise indicated.
During the third quarter the Company continued to deliver strong performance across the key operational and financial metrics including production, cash costs and operating cash flow, and reported a significantly increased quarter-end cash position of 42% to $145 million. Through the recent transformational acquisition of Northgate Minerals in late October, AuRico has emerged as a new leading intermediate gold producer with a robust production profile, a low cost base, an attractive growth platform and a compelling valuation.
Third Quarter Highlights
Revenues of $112.1 million, a 102% increase over Q3 2010
Record net earnings of $62.6 million, ($0.36 per share), a 580% increase over Q3 2010
Record earnings before other items of $52.8 million ($0.30 per share), a 326% increase over Q3 2010
Increased the quarter-end cash balance by 42% to $145 million over the previous quarter
Strong operating cash flow of $51.7 million ($0.30 per share), a 66% increase over Q3 2010
Strong net free cash flow of $11.6 million, a 197% increase over Q3 2010
Strong production of 45,686 gold ounces and 1.4 million silver ounces, or 76,630 gold equivalent ounces using the actual gold equivalency ratio of 45:1 realized during the quarter, representing a 68% increase over Q3 2010
Cash costs of $487 per gold equivalent ounce, using the actual gold equivalency ratio of 45:1 realized during the quarter, a 9% increase over Q3 2010.
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The first production from the exciting Young-Davidson gold mine in northern Ontario is expected by the end of Q1 2012 as the mine ramps up to over 200000 ounces of annual production by 2015. AuRico's strong pipeline of development and exploration stage
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